BlockFi Announces Exit From Bankruptcy, Commences Wallet Withdrawals for Eligible Clients
A Crypto Lending Platform, Previously Pausing Withdrawals Amid FTX Crisis, Set to Satisfy Creditors Post-Bankruptcy
"BlockFi Successfully Emerges from Bankruptcy Following FTX-Related Losses" BlockFi, a prominent crypto lending platform, filed for bankruptcy on November 28th, 2022, due to substantial financial setbacks incurred from the collapse of crypto exchange FTX, one of its major borrowers.
Almost a year after its financial turmoil, BlockFi proudly announces the successful execution of its recovery plan. As of October 24, 2023, BlockFi's bankruptcy plan has officially taken effect.
BlockFi attributes this achievement to the dedicated efforts of its management, advisors, and stakeholders who diligently worked over the past 11 months. Their collective efforts resulted in BlockFi reaching its Effective Date swiftly and efficiently, outpacing many other retail crypto companies in similar situations.
With this emergence from bankruptcy, BlockFi can now proceed with the retrieval of funds from its borrowers and their respective bankruptcy estates. Furthermore, the company will initiate the distribution of assets back to its valued clients while continuing the claims reconciliation process.
BlockFi is also taking steps to facilitate the release of frozen funds in the BlockFi Wallet for eligible customers. If you qualify for fund withdrawal and have not yet initiated the process, BlockFi encourages you to submit a withdrawal request promptly. The Wallet withdrawal window is set to close on December 31, 2023, at 11:59 PM UTC. Don't miss the opportunity to receive your funds in cryptocurrency without delay.
Oct 27, 2023